Levulinic Acid Market to Generate $61.04 Million Revenue by 2030, Says P&S Intelligence

NEW YORK, Oct. 31, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, the levulinic acid market garnered $26.35 million in 2021, and it is projected to generate $61.04 million revenue in 2030, advancing at a rate of 9.78% in the coming years. The growing commercialization of bio-based production procedures and the increasing compound derivative demand across industries are the primary drivers for the industry.

Moreover, research and development in the personal care sector is projected to result in organic cosmetics and fragrance development. The creamy, whisky fragrance of levulinic acid results in its heavy usage in the manufacturing of perfumes. Along with this, it is used for conditioning the skin and regulating the pH of cosmetic products.

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Massive Market Opportunities in China and India

Developing countries, such as India and China, have a massive levulinic acid and derivative production capacity. Moreover, the demand for sodium levulinate is rapidly increasing due to its rising application in food preservatives, to enhance the shelf life of products, and in cosmetics, as a skin conditioner.

Levulinic Acid Demand To Rise Fastest For Fuel Additive Production

In the coming years, the highest CAGR, of more than 10%, will be witnessed by the fuel additives application category. The low toxicity, stable flash point, high lubricity, and appreciable flow attributes make levulinic acid an important diesel and gasoline additive.

Ethyl levulinate, a derivative of the chemical, reduces the emission of sulfur from diesel. In this regard, the stringent regulations of governments for reducing the GHG emissions from on-road and non-road diesel engines drive the market.

Industry Dominated by Handful of Major Companies

• The presence of a few key companies in the industry makes it consolidated. The players are focusing on increasing research and development to enhance productivity, as it holds a vast commercialization potential, and reduce manufacturing expenses.
• Several competitors are also concentrating on bringing innovations in the manufacturing process. For instance, companies are developing economical and eco-friendly methods of biomass conversion, to improve fossil fuel substitute availability.
• Players are utilizing microwaves for extracting and purifying the acid from hardwood and softwood waste in a cost-effective way.

Browse detailed report on Global Levulinic Acid Market Growth, Development and Demand Forecast to 2030

Acid Hydrolysis Holds 60% Revenue Share

Acid hydrolysis captures a substantial industry share, of over 60%. It is credited to the massive usage of this technology in producing levulinic acid and its derivatives, as the process enables various applications of the heterogenous lignocellulosic feedstock. In addition, the rising awareness of the benefits of the process propels the adoption of this method.

APAC captures the largest share of the industry, and it is the fastest-growing market as well, witnessing a rate of over 10% in the future. It is ascribed to the rising demand for this chemical for fuel additive production, including n-butyl levulinate, and the high-volume adoption of bio-based products for various applications, such as agricultural products, personal care products, and drugs.

Levulinic Acid Market Report Coverage

By Technology

• Biofine
• Acid Hydrolysis

By Application

• Food Additives
• Pharmaceuticals
• Agricultural Products
• Personal Care Products
• Plasticizers
• Fuel Additives

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• Italy
• U.K.
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Rest of the World
• Brazil
• Mexico

Browse More Reports Published by P&S

Plasticizers Market Size and Share Analysis by Type, Application, End Use – Industry Growth Forecast Report

Fuel Additives Market Size and Share Analysis by Type, Application, End Use – Industry Growth Forecast Report, 2030

Bio-Based Polyurethane Market Size and Share Analysis by Product, End Use – Industry Growth Forecast Report, 2030

About P&S Intelligence

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SOURCE P&S Intelligence